-‘The Sharp Songdo Ark Bay’, Apartment, Officetel, and Commercial Facility Sale Scheduled
The Songdo International Business District (IBD), being developed as an international business hub in Incheon’s real estate market, is attracting significant attention. The IBD, which is being developed at twice the size of Yeouido in Seoul, is recognized for having both a floating population and a resident population.
The IBD, occupying approximately 5.77㎢ within Songdo International City, has a planned population of 61,500. Key office facilities such as G Tower, home to the Incheon Free Economic Zone Authority and the UN-affiliated Green Climate Fund (GCF), as well as POSCO Tower and IBS Tower, are already established. Residential facilities have also welcomed over 10,000 households, and since the second half of 2018, additional residential, office, and commercial facilities have been continuously supplied through new sales.
As the IBD rapidly develops its urban landscape, investor interest in new complexes is heating up.
In fact, newly launched complexes within the IBD have achieved high subscription rates. According to data from the Korea Real Estate Agency’s subscription portal, the ‘Hillstate Songdo The Sky’ officetel (B2 Block), launched in March last year, closed with an average competition rate of 180.29 to 1 and a peak of 566.02 to 1. Earlier, the ‘Songdo Daebang DMCity’ officetel (B1 Block), supplied in October 2019, also successfully closed with an average competition rate of 9.23 to 1 and a peak of 20.34 to 1.
Commercial spaces have also been selling out quickly. The commercial facilities of ‘Songdo Daebang DMCity’ (B1 Block) sold out early. Additionally, most of the mixed-use commercial facilities within the IBD, including ‘Songdo The Sharp Central Park Phase 3’ (E5 Block), ‘Daebang DMCity Signature View’ (B1 Block), and ‘Hillstate Songdo The Sky’ commercial facilities (B2 Block), were sold out within a short period.
An industry insider explained, “According to the Incheon Free Economic Zone Authority, the population of Songdo International City was 185,975 in 2020, showing a steady inflow with about a 17% increase compared to the previous year (159,326 in 2019). Especially, the IBD, which concentrates residential, office, and leisure facilities, is considered the prime area of Songdo and has a solid underlying demand, making apartments, officetels, and commercial facilities highly popular.”
Meanwhile, in April, apartments, officetels, and commercial facilities are scheduled for sale in the prime area of the Songdo IBD, drawing industry attention. The main players are POSCO Construction’s ‘The Sharp Songdo Ark Bay’ and ‘Ark Bay Street,’ located in Yeonsu-gu, Incheon. ‘The Sharp Songdo Ark Bay,’ a super high-rise mixed-use complex with up to 49 floors, will supply a total of 1,030 units, including 775 apartment units ranging from 84 to 179㎡ and 255 officetel units of 84㎡. The ‘Ark Bay Street’ commercial facilities will offer 167 units across the 1st to 3rd floors.
The complex is located in an ultra-station area adjacent to the International Business District Station on Incheon Subway Line 1, and is close to the 2nd Gyeongin Expressway, enabling access to Incheon International Airport, southwestern Gyeonggi Province, and Seoul. Notably, the GTX-B line, which has passed preliminary feasibility, is planned, promising access to Seoul Station within 30 minutes in the future. Additionally, the Songdo internal circular tram (planned) and the Metropolitan Area 2nd Outer Ring Road (Incheon?Ansan section) are also planned.
The mixed-use commercial facility ‘Ark Bay Street’ secures a fixed demand base from the 1,030 households of ‘The Sharp Songdo Ark Bay’ apartments and officetels, and also benefits from approximately 7,000 households that have completed or are scheduled to complete move-in nearby. Furthermore, it is adjacent to Songdo IBS Tower, housing the Yeonsu Tax Office and the Central Regional Coast Guard, as well as G Tower, which hosts the Incheon Free Economic Zone Authority and the World Association of Electoral Bodies, among other government offices and international business organizations.
In particular, the commercial area is expected to attract visitor demand due to its proximity to the waterfront lake, Songdo Central Park, and Art Center Incheon.
Looking inside the complex, the residential officetels with a single exclusive area of 84㎡ consist of three rooms, two bathrooms, a kitchen, and a living room, serving as alternatives to small apartments, with enhanced storage spaces such as dressing rooms. The commercial spaces are arranged in a street-type layout, providing an open and spacious feel and convenient customer flow, naturally attracting foot traffic. Additionally, a streamlined design harmonizing with the waterfront lake right in front of the commercial area enhances visibility.
The model house is scheduled to open in Yeonsu-gu in April. Moreover, for the first time in the industry, an immersive cyber model house using the latest VR technology will be introduced, offering customers a virtual reality experience to aid understanding.
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